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PhilStockWorld October Portfolio Review – Part 2

Image result for one million dollars animated gifImage result for one million dollars animated gif$2,234,532!  

That is up a whopping $66,833 in our paired portfolios, thanks to yesterday's market surge and that's even including this week's STP losses, since we did that review on Tuesday, and have dropped about $25,000 since.  That means the gains in the LTP were stunning – and we only made 2 adjustments last month!  Best of all, we are swimming in CASH!!!  We have $1,778,583 (83.5%) of it - up thanks to a lot of new puts that were sold in the past month, while the market was lower.

And that's our cycle – we buy low and then we sell high and we sold back in August – cutting about half of our positions and leaving us with cash to go shopping with and, what is the first thing we do when we add new positions?  We sell puts.  That puts even more cash into our portfolio and THEN, if we like the test drive, we establish an initial position by scaling in with a long spread (hedged, of course). 

I know it seems like a slow, tedious process but it protects our positions so we can ride out the dips and you can see the results as we started with a combined $600,000 in the LTP/STP back on October 1st of 2019 (arguably a bad time to start – just ahead of an epic crash) and now we're up $1,634,532 (272%).    

Since mid August, we added short puts on AAPL, AAWW, COIN, FDX, LEVI, MRNA, MT, VALE and XRX, putting an additional $86,600 into the portfolio in exchange for simply promising to buy those value stocks if they get significantly cheaper (net $98 for AAPL, net $175 for MRNA)  – those would become our base entry if we do get an entry and THEN we lower the basis further by selling more puts and calls (assuming we still like the stock).  

This is a simple strategy to follow but it requires PATIENCE for the long-term investor as it takes several quarters just to establish a position – BUT IT'S WORTH IT!!!

  • Short Puts – As noted above, we get paid to make a watch list of stocks we want to buy if they get cheaper.  Makes you feel kind of silly for having an unpaid watch list, doesn't it?  VALE took a hit but you have to keep things in proportion as we REALLY would like to buy them for net $12 and the stock is now $14.46 so the "loss" that is shown in the puts is not relevant – as long as we still like the stock and want to own it for the net price.  
  • W – This is the only short in the LTP and we're already at goal but it's a $50,000 spread with a year of additional put selling to go.  It's interesting to note the short Jan $240 puts are not even in the money but showing still $25 per contract.  That's $12,525 we will pick up if W can hold $240 for 98 days.

  • CIM – Pays a nice dividend and well above our target.
  • SKT – They are back to paying dividends so a great bonus for this successful spread.  
  • APO – Over goail already.  

  • BABA – We're agressively long on these and I think we're safely bottoming so let's roll the 20 2023 $200 calls at $20.50 ($41,000) to 40 2024 $180 ($39)/230 ($23.50) bull call spreads at net $15.50 ($62,000) and that puts us in a fairly conservative $200,000 spread for an additional $21,000.  

  • BIG – One of our new ones.   Still great for a new trade as it's a $30,000 spread that's over $10,000 in the money yet the net is still just $1,750.   Aren't options fun?
  • BYD – Another recent addition, already doing well.   
  • CAKE – I just ate there, it was pretty crowded.   We're at the money and the spread is cheaper than we started with a net $7,100 credit if you are brave enough to take this net $20,000 spread for a $27,100 profit potential at $55.  The risk is owning 1,000 shares of CAKE for ($40,000 – $7,100 =) $32,900 or $32.90/share.  That's the worst case…

  • CHL – Still in limbo due to restrictions with Chinese stocks.

  • DOW – Inflation is a problem for them but this is a great entry. 
  • FB – Right on target for our short puts and calls, getting paid on the long spread is just a bonus on this income-producting spread.  

  • GILD – In the money already.
  • GOLD – Another aggressive long and, since 2024s are out, let's roll the 50 2023 $18 calls at $3.30 ($16,500) to 50 2024 $125 calls at $5.75 ($28,750) and we'll cover the extra $12,250 at some point but no hurry.   Also, we can roll the 20 2023 $20 puts at $3.30 to 20 2024 $25 puts at $8.50 and put $10,000 in our pockets but it's the same net $16.50(ish) if assigned – so why not collect more money?  Now we've spent just net $6,500 to improve our position by $15,000 and 12 more months to gain.  

  • HAL – Way over our target already.
  • HBI – Still time to catch this one at net $3,600 on the $20,000 spread that's half in the money.

  • HPQ – Still great for a new trade at net $6,020 on the $20,000 spread that's $12,500 in the money.  They are just GIVING money away in this market! 
  • KHC – Also good for a new trade.
  • LMT – Our Stock of the Century but it's still early. This is a $70,000 spread at net $20,725 despite being almost at goal already.  Options be crazy!  

  • MO – Still good for a new trade.  
  • PAA – Another nice dividend.  Over our targets so we'll get called away on half in Jan.
  • PHM – 2/3 in the money but still only net $11,850 on the $30,000 spread. 
  • QSR – Still a nice net $4,775 entry on the $18,750 spread.  

  • REYN – Need this to get going as time it ticking.  Earnings in early November and then we'll decide what to do.
  • RIO – Moving with the commodity prices but I love it with a net $788 credit on the $30,000 spread that's $8,000 in the money.  They are just trying to throw money at you – do you want it?

  • SPWR – Nothing I like better than a big, fat position in SPWR!  
  • T – Up for the 3rd consecutive day?!?  Amazing!  Those short Jan calls will go worthless but we should invest in rolling the 100 2023 $25s at $2.40 ($24,000) to 200 of the 2024 $23 ($4.25)/30 ($1.35) bull call spreads at $2.90 ($58,000) and we can sell 40 2024 $25 puts for $4.30 ($17,200) as we certainly don't mind owning 4,000 shares of T at net $20.70, right?  So for net $16,800 and our $20,000 loss (net $10,000 assuiming the short Jan calls go worthless) we have moved into a longer-term $140,000 spread that's currently $52,400 in the money.  I can certainly live with that!  

  • TROX – Got bought before we could establish a bigger position.  Too bad.  
  • VIAC – Another one of my favorites and we're aggressively long so all is well.  
  • WPM – Back on track after an ungly dip.  The 2024 $40 ($8.75)/$47 ($6.50) bull call spread is just net $2.25 and that's too cheap not to buy 50 of for $11,250 but let's just call it a NEW play on WPM (so we'll have 2) and also sell 20 of the 2024 $35 puts for $5.50 ($11,000) so that net $250 for our new $35,000 spread.  How can we not?   

  • X – Still good for a new trade at net $1,500 for the $36,000 spread that's $22,000 in the money to start.  Options are fun!   And they are giving this money away even though we all know Biden has 3 years left and wants LOTS of infrastructure to be built – so there's a massive catalyst.  

You can see why this portfolio simply mints money – the leverage is incredible and, if you pick stocks that perform, the returns are simply amazing.  Notice how we stick to mostly blue chip stocks with conservative targets – why swing for the fences when you can make so much money more cautiously?

 


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  1. Good morning


  2. I have gone long on KOLD options May 2022, with the premise that natural gas reverts to its mean over Spring due to a combination of milder weather, lower utilization with the increased price, and improved injection supply, Russia, etc


  3. Good Morning.


  4. Good morning! 

    Things are still going up and up – just crazy.   Retail Sales were stronger than expected but, of course, mostly it's inflation:

    Retail sales rose 0.7% as American consumers stepped up their spending in September, a sign of solid demand and rising inflation.40 min ago 4 min read

    More than a dozen central banks have raised interest rates but two that haven’t are those that loom largest over the global economy: the Federal Reserve and the European Central Bank.35 7 min read

    Bank profits march on:

    The Wall Street bank said third-quarter profit jumped 60% to $5.38 billion as its investment bankers had their second-best quarter on record.40 min ago 2 min read

    China Evergrande Spillover Risks Can Be Controlled, Central Bank Says

    People’s Bank of China official sought to ease concern about potential contagion from China Evergrande’s debt crisis.

    KOLD/Pman – I'd be careful.  /NG is no longer local and the shortage in Europe and Asia is very real.  I'm not sure we can count on things going back to "normal" and we've certainly seen higher – even in non-inflationary, non-stimulated times.


  5. Phil / BABA / GOLD

    The net on the BABA 2024 $180 ($39)/230 ($23.50) bull call spread increased to $18.05 after you posted :-(

    Also, did you mean to rollout to 2024 $15 calls (there was typo, it said $125 calls)


  6. Well if we have another year of rally, this LTP is going to make a fortune!   Up $7,000 this morning.

    BABA/Jij – The way to buy a spread like that is to scale into it.  We want to buy 40 2024 $180 calls for $39 and sell 40 2024 $230 calls for $23.50 so we look at the recent transactions, which have been around $40 and $24 so it's a good time to sell calls and a bad time to buy them.  

    The stock is pretty flat and earnings are not for 3 weeks so there's plenty of time so we can offer to buy 4 for $39 and sell 4 for $25 and see which one fills first.  Then, once we have 4, we reasses and try to cover the other 4 at a good price and so on – until we have the spread we want.  If it never fills – then it's a no play but we don't go chasing after things – there's no emergency to own this stuff.   Of course, since we're generally bullish on BABA, we'd rather error on the long side than the short side.

    As to GOLD in the LTP, yes, we are rolling to the 2024 $15 calls at $5.75, hopefully less as GOLD is down almost 0.50 today and the delta is 0.73 but, as with all of these changes – there's no rush – better to get your price.  


  7. Here's the week's trading on the calls:

    The range for the $180s has basically been $37-$42 and the $230s has been $22 to $25 so we could do as well as net $12 or as bad as net $20 and it's our job to be smart and PATIENT in filling the set.  $230s sold for $24.10 this morning, which is better than we planned and and $180s were bought at the same time for $40.30 so that spread went off at $16.20 but clearly we could do better as the $180s opened at $37.50 and, interestingly, the opening for the $230s was $25 so it's ALL about your timing on these – just don't let yourself get overanxious to fill things.  


    • It's a reverse of yesterday's growth-stock-led rally, but it's still a rally as cyclicals outperform amid a rebound in rates.
    • The Dow (DJI) +0.8% is leading the major averages, boosted by a big post-earnings price move in Goldman Sachs.
    • The S&P (SP500) +0.7% follows, with the Nasdaq (COMP.IND) +0.4%.
    • "We believe the pullback has now concluded and recommend investors add to positions," Piper Sandler strategist Craig Johnson wrote this morning.
    • The 10-year Treasury yield is moving higher after a recent slide. It's up 5 basis points to 1.57%.
    • Retail sales are helping sentiment. They rose 0.7% last month, compared with expectations for a drop of 0.1%, with August also revised higher.
    • The "better-than-expected outcome needs to be taken in the context of sharply higher prices for many consumer goods in an environment where scarcity, shortages, and 'out of stock' signs have become a regular part of the post-COVID retail landscape," Wells Fargo says. "On an inflation-adjusted basis, we expect consumer spending to slow to a crawl in the third quarter."
    • But the first October measure of Michigan consumer sentiment index remains at low levels.
    • Eight out of 11 S&P sectors are higher, with Financials and Consumer Discretionary performing the best. Consumer Staples is the laggard.
    • Meanwhile, bitcoin tops $61K, with SEC approval of a bitcoin-futures ETF expected as soon as Monday.
    • See the individual stocks making the biggest afternoon moves.

     

     

    • A new Redfin report indicates that the median home sale price increased 13.9% Y/Y to $376.8K in September marking the lowest growth since December 2020 and the 14th consecutive month of double-digit price gains.
    • The largest price increases in September 2021 were in North Port, FL (+30%), Salt Lake City (+28%) and Austin, TX (+27%).
    • With all the 85 largest metro areas Redfin tracks, only one - Bridgeport, CT, - reported a dip of 2.2% compared to a surge of 32% in year ago as t experienced a sudden flood of interest from homebuyers looking to leave New York.
    • Closed home sales and new listings of homes for sale both fell by 5% and 9%,  Y/Y respectively.
    • "The severe lack of inventory is restricting home sales. But I am hopeful that as it becomes easier to get building materials, we will finally have a strong year for new construction in 2022. That's what the market needs more than anything," Redfin Chief Economist Daryl Fairweather commented.
    • Seasonally-adjusted home sales were down 5.4% Y/Y, the second annual decline in 16 months with sales narrowing in 66 of the 85 largest metro areas Redfin tracks and leading was New Orleans (-42%), Bridgeport, CT (-24%) and Salt Lake City (-23%).
    • The largest gains were in places where sales were still somewhat depressed in September 2020, including New York (+26%), Honolulu (+24%) and San Jose, CA (+15%).
    • Seasonally adjusted active listings fell 19% Y/Y with only three of the 85 largest metros recording a Y/Y increase – Austin, TX (+3%), Tacoma, WA (+3%) and Columbus, OH (+0.3%) while largest declines in active housing supply were in Baton Rouge, LA (-53%), Salt Lake City (-50%) and Rochester, NY (-47%).

    • Seasonally adjusted new listings of homes for sale were down 9%, the second drop since February; biggest declines were in Baton Rouge, LA (-59%), Allentown, PA (-57%) and Salt Lake City (-51%) while new listings rose the most in Austin, TX (+18%), Tacoma, WA (+9%) and Portland, OR (+8%).

    • Average sale-to-list price ratio also dipped slightly in September to 101%, down from a record high of 102.5% in June but up from 99.4% Y/Y.
    • In August, pending home sales surged as buyers came back to the market.
    • Real-estate brokerage houses stocks to watch: (NYSE:RMAX)(NYSE:RLGY)(NYSE:COMP)(NASDAQ:EXPI)(NASDAQ:Z)(NASDAQ:RDFN)
    • Homebuilding stocks: (NYSE:LEN)(NYSE:DHI)(NYSE:URI)(NYSE:CCS)

    Wow, real crash in housing but it's inventory-driven, which means construction could boom again (back on that roller-coaster).  

    • Ongoing semiconductor shortage led to European Union car registrations decline of 23.1% to 718,598 units in September, followed by 19.1% decline in August and 23.2% decline in July.
    • This fall marks the lowest number of registrations for a month of September since 1995.
    • All major EU markets recorded double-digit declines: Italy -32.7%, Germany -25.7%, France -20.5% and Spain -15.7%.
    • On YTD basis, demand for passenger cars increased by 6.6% to 7.5M units.
    • The global auto industry is suffering due to lack of chips that are key components for vehicles, forcing several major brands to temporarily shut down factories.
    • European Union August registration -27.7% for Volkswagen (OTCPK:VWAGY), -29.9% for Stellantis (NYSE:STLA), -21.8% for Renault (OTC:RNSDF), +5.2% for Hyundai (OTCPK:HYMLF), -19.4% for BMW (OTCPK:BMWYY), -43% for Daimler (OTCPK:DMLRY), -38.5% for Ford (NYSE:F), -20% for Toyota (NYSE:TM), -38.1% for Honda (NYSE:HMC), -33.4% for Volvo (OTCPK:VOLAF), -35.9% for Nissan (OTCPK:NSANY) and -6.2% for Mazda (OTCPK:MZDAY).

    Hmm, hard to keep pretending all this terrible-sounding data isn't so bad, right?

    • Crescat Capital argued in a letter to investors that financial markets have not correctly priced the stagflationary environment that has become "evident" in recent economic data.
    • In a fund letter released this week, Crescat CIO Kevin Smith and portfolio manager Tavi Costa pointed to structural problems in the global supply chain and a looming credit crisis in China for the stagflationary conditions.
    • "China’s economy appears to be in a serious meltdown," they asserted, presenting the Evergrande collapse, nationwide energy shortages and declining Chinese equity prices as evidence for a coming crisis.
    • Smith and Costa also see challenges for the U.S. economy, with inflation remaining elevated and growth slowing down.
    • They also underlined risks in the U.S. equity and credit markets, stressing "historically high valuations" for their concern.
    • "The [Federal Reserve] is trapped to do anything to prevent a rotation out of speculatively priced assets with deteriorating fundamentals," they argued.
    • To counteract these risks, Smith and Costa advised moving into precious metals like gold and silver.
    • The Crescat execytives called the recent pullback in this sector a "constructive buying opportunity." They also contended that equities tied to these commodities − like gold-miner stocks − provide upside potential as well.
    • "We believe gold and silver commodity and equity markets are due for a major bull-market resumption," they said.
    • To look at movement in precious metals investments, the SPDR Gold Trust ETF (NYSEARCA:GLD) and the iShares Silver Trust ETF (NYSEARCA:SLV) can act as proxies.
    • Both have underperformed the broad equity market in 2021 as a whole, as seen in the first chart below. GLD has dropped about 6% for the year, while SLV has fallen 11%. By contrast, the S&P 500 is up nearly 20%.
    • However, over the past month, the precious-metals ETFs have generally kept pace with the larger stock market. As seen in the second chart below, SLV has underperformed a bit, but GLD and the S&P 500 have virtually the same return:

    Yep…


  8. Phil / AVGO – I've got this with a price target of 550 for '24 – I'm looking at the following spread.     start with 1/4 and see how it goes….

    what do you t think?

    EPS of in '22 of 29.5 and '23 at 31 with a 17X multiplier. plus dividend at 16 to 17 /sh 

    Buy 10x  Jan '24 500 Calls ( 75)

    Sell 10X Jan '24 550 Calls (55) 

    Sell some '24 440 Puts on a pull back maybe 70 ish 


  9. Phil l/ AVGO 

    EPS of in '22 of 29.5 and '23 at 31.6 with a 17X multiplier. plus dividend at 16 to 17 /s


  10. AVGO/Batman – The last 4 Qs they made under $1.5Bn and last Q $1.9Bn and $500 is $205Bn in market cap so not cheap and not low in the channel and already up 20% for the year after being up 33% the year before.  You say another 20% and why not – it's only money – it's not like they'll ever have to justify it, right?  People will just pay more and more money for stocks and you will never run out of greater fools to pay even more than you paid – what a great system!  

    The reason our LTP picks work is that we DON'T buy stocks at the top of a channel, we don't chase stocks – no matter how much we like them.  On top of everything else there is, for a fact, a global chip shortage.  I would at least wait until companies like AAPL indicate they don't have supply bottlenecks because, even if the chip shortages aren't from AVGO – AAPL still can't assemble a phone if even one part is missing and that means AVGO waits with everyone else to have their inventory utilized.  

    Also, look at QCOM.  They are down about 20% for the year.  Are they so much different than AVGO?  


  11. Phil / AVGO – thanks Thant makes sense….. …..   what do you think the fair value of this is?

      I was looking at selling the short calls first  and then the long  calls

    ….  I have 380 and 350 '23 puts that are in the money…   


  12. AVGO/Batman – If they are making $6Bn now I'd give them the benefit of doubt that that can be steady so I'd pay 15x for sure ($90Bn) and 20x at most ($120Bn) so 40% below the current price is where I'd start getting interested.  And not that they'll hit that but then I simply won't buy them.  In the LTP above, there's a dozen stocks I'd rather put money into as they have more likely upside returns and less likely downside danger.

    QCOM is at $144Bn at $130 and they made $2Bn/qtr for the last 4 Qs ($3Bn last Q3) so if they make $3Bn this Q (11/3) – why on Earth would anyone consider buying AVGO over QCOM?  Remember, I used to pound the table on BRCM/AVGO when they were undervalued and QCOM was too high – now it's just the opposite.  

    This just proves that traders are idiots and have no idea how to value companies.  Almost 90% of traders DON'T value companies at all – they are simply TA trades so if something is high and the chart looks good – it can go higher and if something is low and the chart looks bad – it can go lower.  It's a nice, simple, factless way to play the markets – for idiots!  


  13. Here's a fun play for Batman we can put in the STP:

    • Sell 5 QCOM 2024 $100 puts for $10 ($5,000) 
    • Buy 5 QCOM 2024 $130 calls for $22 ($11,000) 
    • Sell 2 AVGO Jan $500 calls for $25.30 ($5,600) 
    • Buy 5 AVGO March $300 puts for $2 ($1,000)

    That's net $1,400 and we're betting AVGO goes down and QCOM goes up.  Won't take much to make us a winner.  


  14. Have a great weekend, folks,

    - Phil




  15. Regulators can no longer rubber-stamp expansion of the oil and gas industry



  16. Puerto Rico ponders race amid surprising census results


  17. Phil. AVGO / QCOM —-  OK FINE – I agree that this is a good point to short it short term, however I still think there is sufficient growth and at a pull back I will be a buyer….   My price target is 520 for '22 and 555 for '23…. so i'll be selling the Jan '22 510 callers for 20 ish / share….  On Qualcomm top company and I held them for many years but exited back in 2019 in the high 90s with a solid gain….   I'm concerned with the litigation both from companies and from governments…..  however t hey signed a 6 year deal with apple and huwawei in '19…. so this should help….  I know Apple bought INTC tech to replace the RF potion of QCOM design, and I believe they will be successful.  Samsung is doing this as well…. and they will sell to others if successful….

    see below form MS

    Our concerns regarding the firm’s moat (and prior downgrade from wide to narrow) stem from the run of regulatory investigations into Qualcomm's royalties. Specifically, inquiries have revolved around whether Qualcomm’s royalties should be based on the price of the entire phone or a lesser base, such as the total price of all cellular components (baseband, RF, and antennas in the device). In 2015, the Chinese government concluded that Qualcomm’s IP is valuable enough to justify ongoing royalty payments, albeit based on only 65% of the price of the phone.

    In 2016, South Korea’s Fair Trade Commission concluded that certain business practices related to Qualcomm’s licensing agreements violate Korean competition law. In addition to a fine of KRW 1.03 trillion (approximately $868 million), the KFTC intends to issue a corrective order relating to the practices in question; this order has yet to be disclosed, and Qualcomm is expected to appeal it. Repercussions of this ruling propagated, as in January 2017 the U.S. FTC filed a complaint charging Qualcomm with using anticompetitive tactics to maintain its monopoly in the supply of its baseband chips used in smartphones. Specifically, the complaint stated that by threatening to disrupt smartphone manufacturers’ supply of baseband processors, Qualcomm receives excess royalties for its standard-essential patents that enable cellular connectivity. In short, these royalties allegedly deter competition and elevate costs. 

    In May 2019, U.S. District Judge Lucy Koh ruled that Qualcomm unlawfully suppressed competition in the market for smartphone chips (particularly baseband processors) and used its dominant position to extract excessive licensing fees. She also challenged the firm’s practice of collecting royalties on the full price of the device. Remedies include requiring Qualcomm to negotiate or renegotiate license terms with customers, make licenses available to modem-chip suppliers at fair and reasonable prices, no longer enter exclusive agreements to supply chipsets, while submitting to compliance and monitoring procedures to the U.S. FTC for seven years. Qualcomm won its appeal to this ruling in August 2020. Given that two decades of industrywide precedents of royalties are based on the full price of the phone, we think Qualcomm will ultimately be able to successfully defend itself in any potential future cases, facing fines as the predominant consequence.

    Following the U.S. FTC complaint in 2017, Apple sued Qualcomm after the latter allegedly demanded unreasonable terms for its technology and withheld $1 billion in rebate payments in retaliation for Apple cooperating with the KFTC investigation into Qualcomm’s licensing business. On the chip side of Qualcomm's business, Apple disclosed it had been receiving quarterly rebates for exclusively using Qualcomm modem chips in iPhones. However, this dynamic shifted as Apple began using Intel modems for a portion of its iPhone 7 device, while also meeting with Korean and U.S. regulators in 2016 to discuss Qualcomm’s licensing practices. Qualcomm was designed out of the bulk of iPhones in 2017 and 2018 as Apple utilized basebands from Intel.

    In April 2019, Qualcomm and Apple agreed to drop all ongoing litigation against one another (as well as Apple’s contract manufacturers), while reaching a six-year license agreement, effective April 1, 2019. The settlement also includes a payment from Apple to Qualcomm to compensate for the missed royalty payments since the dispute began in January 2017. In addition to Apple resuming royalty payments to Qualcomm, the two firms also reached a multiyear chipset supply agreement, which we believe validates Qualcomm’s leadership in 5G modems (particularly versus Intel, which later sold its 5G modem business to Apple upon the Qualcomm-Apple settlement). In 2020, Huawei also reached a new agreement with Qualcomm, and made a one-time catch-up payment of $1.8 billion. As of November 2020, all major handset OEMs are under license, which includes over 110 5G agreements.

    Even with the Apple and Huawei settlements, however, we postulate this is not the end of Qualcomm’s legal battles with regulatory agencies and major customers alike as they seek to diminish Qualcomm’s lucrative royalties. While these could ultimately lead to certain revisions in royalty calculation methods, we still expect Qualcomm to withstand the attacks on its business model and continue collecting licensing revenue.


  18. Phil / QCOM

    So On Qualcomm what do you think of the following  ….  All 2024

    Buy 40X of the $125 Calls (23)

    Sell 40X of the $165 Calls (10)

    Sell 14X $120 Puts ( 19.)

    Thanks 


  19.  

    Inflation is when you pay fifteen dollars for the ten-dollar hair-cut you used to get for five dollars when you had hair.”

     

    ? Sam Ewing,

    Former Baseball Player, Chicago White Sox, Toronto Blue Jays


  20. QCOM/Batman – There's always going to be litigation, this business is all about the patterns and losing a case in Samsung-controlled SoKo doesn't set any precedents.  

    The 2024 $125 ($23)/165 ($10) spread is net $13 but the $145s were selling for $16.75 on Friday and even at $16 that's net $7 and I'd rather have 80 at net $7 than 40 at $13 as it's just $4,000 more and you're much better protected by the $145s and, of course, you make the whole $160,000 at $145, not $165, which will let you be a little more aggressive with the call selling when the time is right.


  21. The transition to cleaner energy sources isn’t far enough along to meet a surge in demand, forcing countries to rely on fossil fuels. Long read

    Investors are wagering U.S. crude’s rally to a seven-year high is just the beginning, despite a softening global economic expansion.309 4 min read


  22. Phil. / QCOM.  Thanks.  I’ll take a look at that tonight.